Abu Dhabi – Mubasher: RAK Properties posted an 84% year-on-year drop in its profits for the first quarter of 2019.

Net profits stood at AED 4 million in Q1-19, against AED 24.6 million in Q1-18, the real estate developer said in a statement to the Abu Dhabi Securities Exchange (ADX) on Sunday.

The UAE-based company’s revenues decreased by 22% to AED 32.2 million during the three-month period ended 31 March, from AED 38.3 million in the same period of the prior year.

Meanwhile, financing costs increased to AED 3.5 million in Q1-19, compared to AED 1.3 million in Q1-18, according to the statement.

During the full-year 2018, RAK Properties posted a 22% year-on-year drop in its profits, recording AED 150.52 million.